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Adopted Regulations
Text of Adopted Amendment to Part 32 of the General Regulations of the Banking Board


The title and statutory authority to Part 32 are amended to read as follows:

MAXIMUM CHARGES FOR PAYMENTS MADE AGAINST INSUFFICIENT FUNDS. UNCOLLECTED BALANCES AND RETURN ITEMS; CERTAIN DISCLOSURES

(Statutory authority: Banking Law sections 14[1]; 108[8], 202[8], 235-c, 383[13])

Sec.
32.1 Maximum charges
32.2 Charges in connection with overdraft items
32.3 Lesser charges
32.4 Required disclosures 

Part 32 is amended by adding a new section 4 to read as follows:

Section 32.4 Required disclosures

In addition to any disclosure required by Part 13 of the General Regulations of the Banking Board, with regard to consumer deposit accounts, a bank, trust company, savings bank, savings and loan association or licensed branch of a foreign banking corporation shall disclose in writing to its depositors the order in which it pays checks drawn against a depositor’s account. By way of illustration, and without limitation, such disclosure may inform the depositor that the banking organization pays the largest checks first, the smallest checks first, or by the number of the check or in the order received. Such disclosure shall be given to the depositor at the time the account is opened and thirty days prior to the time the payment policy is changed. For existing accounts, such disclosure shall be provided within one hundred twenty days of the effective date of this section.